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Old 09-10-2020, 07:03 PM   #1
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How Do You Value Your Boat?

A thought and a question. (And I will probably rewrite this a dozen times before I think I have got it across right!).

As you think about your boat, how do you value it in monetary terms?

I am not talking about the intangible value of the enjoyment, experiences and health values etc. you get from it (which I agree with). But hard cold cash value. And not from a stance as if you were listing her for sale.

When you consider your net worth do you add in what you think your boat is worth? While you love you boat, do you still see it has a dollar/pound/Euro value? You see it as part of your estate?

I kept the last three cars I had until they were only worthy of donating to the Salvation Army - including an aging Jaguar XJ8!
For some reason I don't view Sonas as an asset. My brain knows it has value, but my sense is if I use it for as long as I can and if it has no or minimum value at the end I won't care.

That's not to say I am not maintaining her "with an open check book," and my brain tells me that she is worth quite a lot, but for some reason I don't look at her as having current monetary value, or feel I ever will.

Anyone else?

Or a strange thought?
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Old 09-10-2020, 07:23 PM   #2
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A fair question. Rather than fair market value, how about how many trips to Alaska it will provide.....for you, maybe trips to the Bahamas. If you'd care to monetize that (I don't), what would bare boat charters cost you, denominated in months, to have these adventures? My goal is to use the boat so much that I've extracted most of its utility by the time I'm too old to use it. At that point, it doesn't owe me much. That's real value, to me.
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Old 09-10-2020, 07:48 PM   #3
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I think a reasonable question, Paul.
We do put a number down on the personal balance sheet for the boats. I use a number that I think is fire sale, cash this week kind of number which is likely around half of an organized marketing number. It seems to satisfy the lawyers and accountants in terms of estate and tax planning.
The numbers have no relation to what they are worth to me or what I paid for them.
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Old 09-10-2020, 07:53 PM   #4
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Interesting question!
I have an agreed value policy, and an open check book upgrade and maintenance program. There's only going to be one boat of this size and while I hope to get decent money for her when sold, she is a deprecating asset with an expensive annual cost.

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Old 09-10-2020, 07:55 PM   #5
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Mine's a thowaway...I will be happy if I dont have to pay someone to take it off my hands.

I will let a professional broker make a suggestion and I will be happy with anything above $0.00.

It was just insurance surveyed for $75000, I think closer to $25000, and even then I am not going to wait more than 6 months after I am ready for it to sell.
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Old 09-10-2020, 08:06 PM   #6
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I have never expected any significant final financial value for my boat. It is merely an emotional diversion. Like, a cost of living.
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Old 09-10-2020, 09:05 PM   #7
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My plan is to make Sylphide a celebrity, so that if I ever need to sell, she'll be worth millions!



Or... five to six thousand dollars at current aluminum scrap prices.

I know it goes against conventional wisdom, but part of me hopes that being 35 years old already, most of her depreciation has already happened. I like to think that if I keep her as close to bristol as I can, and make improvements, she might still be worth about what I paid for her if I ever need to sell. I'm sure that's overly optimistic, and I'm certainly not planning for that eventuality, but one can hope.

It's kinda hard to tell with mine. She's unique, so a bit of an unknown quantity. She's a market of one.
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Old 09-10-2020, 09:12 PM   #8
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You guys are still talking about what she is worth money wise.

So I guess I didn't word my post well after all.

I was trying to say that I don't see any actual monetary value in my boat at all, regardless of whether she has any in real life.

I bought her and I don't care if she has any value at the end of the day. Whether that end of the day is tomorrow or thirty years from now.

I don't see her as an asset with monetary worth.

She is what allows me to do what I do. When I am finished doing what I do I will move on. The dollar value I may be left is not important to me.

And when I am finished "doing," I don't care if I get anything for her.
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Old 09-10-2020, 09:19 PM   #9
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Simple Equation:

Take the cost of the boat when you bought it,
Add the cost of any improvements,(new canvass, new electronics)
Add the cost of maintenance (engine repair, paint)
Add the cost of daily usage (Dockage, insurance, fuel)

Divide that number by about a million, (a million and a half in the off season)

That is the cash value of your boat! (It can be less than $0)

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Old 09-10-2020, 09:21 PM   #10
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I also apply no asset value to boats in my subconscious for some reason. Currently shopping for a much more expensive boat and that is one of my hangups, it is money spent in my mind.

The way the market is lining up I’m even likely to sell current boat at or above what I paid 8 years ago but that doesn’t help my psyche.

So while I get it - once I own it and am enjoying it I know I’ll never think about the money “invested” again. But it’s keeping me from spending what we can “afford” right now.

I own a very capital investment intensive business and make big capital decisions several times a year. I consider it one of my business strengths. I should be able to do this!! Maybe I’m just cheap! Crap!
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Old 09-10-2020, 09:35 PM   #11
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Quote:
Originally Posted by Bradenvlp View Post
I also apply no asset value to boats in my subconscious for some reason. Currently shopping for a much more expensive boat and that is one of my hangups, it is money spent in my mind.

The way the market is lining up Iím even likely to sell current boat at or above what I paid 8 years ago but that doesnít help my psyche.

So while I get it - once I own it and am enjoying it I know Iíll never think about the money ďinvestedĒ again. But itís keeping me from spending what we can ďaffordĒ right now.

I own a very capital investment intensive business and make big capital decisions several times a year. I consider it one of my business strengths. I should be able to do this!! Maybe Iím just cheap! Crap!
I think you may have nailed part of it.

Once you have spent the money - no matter how much.

Can you treat it as "gone" money, gone forever?

Now you just enjoy the boat. And if you (or you children) ever get anything back, it is gravy.
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Old 09-10-2020, 10:48 PM   #12
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I treat it as spent money. Purchase and maintenance. I have never sold a boat near half the cost of owning it. That is why i will never finance a toy.
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Old 09-10-2020, 11:39 PM   #13
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100% sunk cash. That way, anything I sell it for when she stops making me smile is just beer money and never a disappointing return.


As long as she makes me smile, I'll keep buying buying her feed.
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Old 09-11-2020, 07:02 AM   #14
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Quote:
Originally Posted by Soo-Valley View Post
I treat it as spent money. Purchase and maintenance. I have never sold a boat near half the cost of owning it. That is why i will never finance a toy.


I think this is a good reason why financing a boat detracts from ownership. Is it worth what I owe on it? Once something is paid for, the focus is on enjoyment. The issue of value doesn't enter the equation again until the enjoyment has faded.

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Old 09-11-2020, 07:29 AM   #15
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Purchased our sailboat and trawler without financing because being on the water is a life style that rewards us not in a monetary way. A explanation might be why after 18 years we wept after delivering our Cape Dory 28 to the new owners. Physically our sailing days came to a end as all boating will do one day and we had already decided on trawlers. Boats have meaning to us without much concern with value.
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Old 09-11-2020, 10:13 AM   #16
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We're still paying down the loan, and will be for a few more years. We have no thoughts of selling.

Our boat is our home for part of the year, as well as our vacations, sanctuary, and hobby. Its valued (by us) well above what the insurance papers, surveyor, or most logical people would say.

When we bought it, we fought tooth and nail to bring the price down. Now that it's ours, she's invaluable.

If we had to put a monetary value, it would take into account the mortgage payments we DON'T have on a dirt house, the vacations we HAVEN'T taken, because the boat is more fun, and subtracted from all this: the cost of materials/equipment and beer consumed while making those repairs.
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Old 09-11-2020, 10:47 AM   #17
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When the cost of repair is close to 100% of value is when I start thinking value., otherwise it’s just a great way to pass the time and keep me on my toes.
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Old 09-11-2020, 01:12 PM   #18
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Quote:
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100% sunk cash. That way, anything I sell it for when she stops making me smile is just beer money and never a disappointing return.


As long as she makes me smile, I'll keep buying buying her feed.
Yep, same here. She makes me happy. When I get too old to use it, I donít care if I have to giver her away.

Itís like the return on a nice meal, or a fun vacation. The return is the experience itself.
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Old 09-11-2020, 01:52 PM   #19
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Quote:
Originally Posted by menzies View Post
You guys are still talking about what she is worth money wise.

So I guess I didn't word my post well after all.

I was trying to say that I don't see any actual monetary value in my boat at all, regardless of whether she has any in real life.

I bought her and I don't care if she has any value at the end of the day. Whether that end of the day is tomorrow or thirty years from now.

I don't see her as an asset with monetary worth.

She is what allows me to do what I do. When I am finished doing what I do I will move on. The dollar value I may be left is not important to me.

And when I am finished "doing," I don't care if I get anything for her.
Let me know when you are done with her. I will gladly take her off your hands! Lol!
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Old 09-11-2020, 02:09 PM   #20
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Let me know when you are done with her. I will gladly take her off your hands! Lol!
What she said!
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